Executive Commentary

CEO Vikram Pandit on Citi's Disaster Relief Efforts in Japan

Vikram Pandit, CEO, Citigroup
March 15, 2011

On Monday, March 14, Citi CEO Vikram Pandit sent out the following message to our global employees announcing our disaster relief efforts in Japan, which includes $2.4 million in aid efforts from Citi and the Citi Foundation. Additionally, Citi's customers and employees are being driven to donate directly on Citi's customized donation page on the American Red Cross website: http://american.redcross.org/citigroup-pub.

Citi Business Initiatives include:

  • U.S. Consumer and Commercial Banking is waiving fees on wire transfers going from the U.S. to Japan until April 5, 2011. In addition, the penalty will be waived for closing or withdrawing funds from a CD during its term for customers who use those funds to send financial support to Japan, effective through April 5, 2011.
  • Calls to Citi Card customer service centers are being routed to escalation units that have entitlement to act on an account by account basis, for example, to assist customers with emergency cash or credit line increase requests.
  • Customers can redeem their Citi ThankYou Points for a contribution to the American Red Cross Disaster Relief Fund, with donations beginning at $25.00. More information can be found at Citi's ThankYou Rewards site.

We will continue to update you on our business initiatives and relief efforts as more information becomes available.

Message from Vikram

Dear colleagues,

Our hearts go out to the people of Japan as they cope with one of the worst disasters in recorded history. Citi has been doing business in Japan since 1902 and our commitment to the country and its people is unwavering. We are doing everything we can to protect the safety of our colleagues and to help the Japanese people meet urgent humanitarian needs and, over the longer term, recover from the devastation.

We've established a Disaster Relief Fund benefiting the Japanese Red Cross Society, with an initial contribution of ¥100 million (USD $1.2 million) from Citi's Asia Pacific businesses. The Citi Foundation has now pledged $1.2 million for disaster relief efforts, raising our total donation to USD $2.4 million or ¥200 million.

We are also establishing accounts so that colleagues, clients and customers can contribute to the relief efforts. We are working on customer support solutions to waive fees and charges, allowing Citi customers to access the services and products they need in this time of hardship. Information will be posted prominently on the Citigroup.net home page as soon as it is available.

In more than a century of work in Japan, Citi has forged deep relationships with the Japanese people. Helping them in their hour of need is not just an obligation; it's a heartfelt gesture of gratitude and goodwill for our friends and partners in a country that means so much to us.